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REPORT TO:Community & InfrastructureServices Committee <br />DATE OF MEETING:February 8, 2021 <br />SUBMITTED BY:Cory Bluhm, Executive Director, Economic Development, <br />519-741-2200 ext. 7065 <br />PREPARED BY:Rob Morgan, Capital Investment Advisor, 519-741-2200 X7734 <br />WARD(S) INVOLVED:Ward10 <br />DATE OF REPORT:January 13, 2021 <br />REPORT NO.:DSD-21-018 <br />SUBJECT:Assignment of Lease – 200 King Street West <br />RECOMMENDATION: <br />That the Mayor and Clerk be authorized to execute an assignment and amending <br />lease agreement with 2609699 Ontario Inc.and Feelings from the Heartallowing for <br />the assignmentof the existing City Hall wedding chapel leasefor a five year term, <br />with an option to renew for an additional five years and other minor amendments as <br />outlined in this report;said agreement to be satisfactory to the City Solicitor. <br />REPORT HIGHLIGHTS: <br />The purpose of this report isto request approval of the transfer of the existing City Hall <br />Wedding Chapel Lease to a new owner andamend the lease term to five years with an <br />option to renew foran additionalfive yearterm. <br />Financial implications:The lease rate would be set at$13.75/ sq. ft for Years 1 and 2, <br />with a 2%/year annual increase applied at the beginning of years 3,4 and 5. <br />This report supports the delivery of core services. <br />BACKGROUND: <br />The City Hall Wedding Chapel has been a tenant in City Hall for 25 years, with the current <br />owner operating the business for the past 20 years. In 2018, the City entered into a new <br />lease with the current tenant which expires August 31, 2021. The current owner wishes to <br />retire and sell thebusiness and has found a purchaser. Under the terms of the current <br />lease, the owner retains the right to transfer the lease subject to Council approval. The <br />proposed purchaser wishes to invest in the space and as such has requested an extended <br />term from the current lease. The proposed business purchase is anticipated to take effect <br />in Marchof2021. <br />*** This information is available in accessible formats upon request. *** <br />Please call 519-741-2345 or TTY 1-866-969-9994 for assistance. <br />5 - 1 <br />